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In: Accounting

List specific jobs that should be segregated in the cash receipts system.

List specific jobs that should be segregated in the cash receipts system.

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Expert Solution

Cash is the most liquid asset of any organisation, so handling cash becomes very vital for any organisation.
Below are few jobs needs to be designed and fixed for appropriate Cash Receipt System between two or more persons:
1 Cash Handling:
This person will have access of cash, who accepts cash payments and issues receipts
2 Preparing deposit and depositing
This person has access to cash and prepares for deposit forms and deposit the cash in bank.
There may be two person involved in this two process of preparing and depositing.
3 Reconciliation of cash
This person will be reconciling the cash receipts and deposits by getting tallied the cash register and the deposited amount day to day or periodically.
4 Recording of cash receipts in books of Accounts
this person will be in-charge of accounting entries of cash in the books of accounts. This person may or may not have access to cash

ekkarill92 answered 1 year ago
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